Heritage Oil to expand into Mali with two exploration licenses



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
    SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    CALGARY, Nov. 19 /CNW/ -  Heritage Oil Corporation (TSX: HOC) today
announces that it has farmed-in to two onshore exploration licenses in the
Republic of Mali, in North-West Africa, with a gross area of over 72,000
square kilometres. Heritage will be appointed as Operator.
    Wholly owned subsidiaries of Heritage have acquired a 75% working
interest in Block 7 and Block 11 from Mali Oil Developments SAR, a wholly
owned subsidiary of the public company Centric Energy Corp (TSX.V:CTE). In
return for earning the working interest Heritage will fund all costs of the
obligatory work programs for the next two years in both blocks, comprising the
acquisition of 2D seismic and the drilling of one exploration well, at a total
estimated cost for the two licenses of between US$15 million and
US$20 million.
    The two licenses are located in the Gao Graben, a Mesozoic basin that
management considers has geological similarities to other Mesozoic
interior-rift basins within North Africa, such as the Muglad Basin of Sudan
and the Doba Basin of Chad, and Tertiary basins such as the Albert Basin of
Uganda. Previous seismic data acquired in Blocks 7 and 11 show the presence of
tilted fault-block traps, and indicate up to approximately 4 km of sediments
in the geological section.
    The acquisition is expected to close within the next three months,
subject to certain conditions precedent, including customary governmental
approvals which the Company expects will be met.
    Mr. Tony Buckingham, CEO, stated:
    "This acquisition is very exciting for Heritage as it provides a
strategic entry into Mali, and diversifies further the Company's African
portfolio by offering additional potential for the discovery of large
structures in an under-explored basin. Mali is attracting considerable
interest from exploration companies, including majors, and is witnessing an
increased level of licensing activity. We consider the acquisition of these
prospective licenses as an extension of the Company's strategy to explore new
regions with considerable hydrocarbon potential. Heritage has a proven
track-record of finding new large discoveries, including the hydrocarbon
system in Lake Albert, Uganda and the M'Boundi oilfield in the Republic of
Congo, and I am confident that the Company will continue to do so."

    
    Notes to Editors

    -   Heritage is an international oil and gas corporation with a
        diversified portfolio of properties, including a producing property
        in the Sultanate of Oman, a development property in Russia and
        exploration projects in the Republic of Uganda, the Democratic
        Republic of Congo and the Kurdistan Region of Iraq
    -   Heritage's management team has a proven track-record of finding new
        large discoveries, including the hydrocarbon system in Lake Albert,
        Uganda and the M'Boundi oilfield in the Republic of Congo
    -   A location map of Blocks 7 and 11 is available on Heritage's website
        at www.heritageoilcorp.com
    -   Following the equity finance raising of CAD $181.5 million announced
        on November 14, 2007, Heritage has estimated cash and cash
        equivalents of approximately US $230 million
    

    If you would prefer to receive press releases via email contact Sarah
Gingerich (sarah@chfir.com) and specify "Heritage press releases" in the
subject line.

    FORWARD-LOOKING STATEMENTS:

    Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding production
estimates and future plans and objectives of Heritage - are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate; actual results and
future events could differ materially from those anticipated in such
statements. Factors that could cause actual results to differ materially from
anticipated results include risks and uncertainties such as: risks relating to
estimates of reserves and recoveries; production and operating cost
assumptions; development risks and costs; the risk of commodity price
fluctuations; political and regulatory risks; and other risks and
uncertainties as disclosed under the heading "Risk Factors" in its AIF and
elsewhere in Heritage documents filed from time-to-time with the Toronto Stock
Exchange and other regulatory authorities. Further, any forward-looking
statement is made only as of a certain date and the Company undertakes no
obligation to update any forward-looking statement or statements to reflect
events or circumstances after the date on which such statement is made or
reflect the occurrence of unanticipated events, except as may be required by
applicable securities laws. New factors emerge from time to time, and it is
not possible for management of the Company to predict all of these factors and
to assess in advance the impact of each such factor on the Company's business
or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking
statement.

    %SEDAR: 00010129E




For further information:

For further information: Investor Relations, PR - Europe: Bell Pottinger
Corporate & Financial, Ann-marie Wilkinson, Nick Lambert, Tel: +44 (0) 20 7861
3232, Email: AMWilkinson@bell-pottinger.co.uk, NLambert@bell-pottinger.co.uk;
Canada: CHF Investor Relations, Cathy Hume, (416) 868-1079 x231,
cathy@chfir.com; Heritage Oil Corporation, Tony Buckingham, Paul Atherton, Tel
+41 91 973 1800, +44 870 011 5555, (403) 234-9974, Email:
info@heritageoilcorp.com

Organization Profile

HERITAGE OIL CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890